Neutral TVS Motor Company Ltd For Target Rs.1,000 - Motilal Oswal Financial Services
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/01/7a238e69bee8201e7f9f5b25cd7f6a8a.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below est.; Wholesales down 4% YoY at 242k units
2W volumes declined 3% YoY, while 3W fell 8% YoY
* TVSL’s wholesales declined 4% YoY to 242k units (v/s est.265.35k units).
* 2W volumes fell 3% YoY at 227.7k units. Domestic 2Ws volumes grew 10% to 161.3k units. 2W export volumes decreased 25% YoY to 66.3k units. We estimate 2W FY23 volumes to grow 20% YoY, implying a residual decline of 24% or a monthly run rate of 360.1k units.
* 3W volumes declined 8% YoY to 14.35k units (v/s est.12.4k units). We estimate total 3W volumes to grow 14% in FY23, implying a residual growth of 32% or a monthly run rate of 18.4k units.
* Overall volumes are estimated to grow 19% in FY23, implying a residual run-rate of 378.6k or ~33% residual growth.
* The stock trades at 32.1x/25x FY23E/FY24E EPS. Maintain Neutral.
To Read Complete Report & Disclaimer Click Here
For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html SEBI Registration number is INH000000412
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/insurance 123.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Wipro.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/2b1715f7e03b51b0ac9c014eb224fc1f.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/gdp22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Dollar retures 2.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/health22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Arvind Kapil, MD and CEO, Poonawalla Fincorp.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/stock8.jpg)